ACC 290 Week 1 Practice: Connect Practice Assignment
ACC 290 Week 1 Practice: Connect Practice Assignment
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ACC 290 Week 1 Practice: Connect Practice Assignment
https://plus.google.com/u/0/108200033792883877670/posts/dWT4sDYbQKM
ACC 290 Week 1 Practice: Connect Practice Assignment
Complete the Week 1 Practice in Connect.
Note: You have unlimited attempts available to complete practice assignments
1
On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential appraisals and represents clients in home appraisal hearings.
TRANSACTIONS
- The owner invested $100,000 in cash to begin the business.
- Paid $20,250 in cash for the purchase of equipment.
- Purchased additional equipment for $15,200 on credit.
- Paid $12,500 in cash to creditors.
- The owner made an additional investment of $25,000 in cash.
- Performed services for $9,750 in cash.
- Performed services for $7,800 on account.
- Paid $6,000 for rent expense.
- Received $5,500 in cash from credit clients.
- Paid $7,550 in cash for office supplies.
- The owner withdrew $12,000 in cash for personal expenses.
Record in equation form the changes that occur in assets, liabilities, and owner’s equity for the above transactions.
Analyze:
What is the ending balance of cash after all transactions have been recorded?
2
On December 1, Kate Holmes opened a speech and hearing clinic. During December, her firm had the following transactions involving revenue and expenses.
Paid $3,100 for advertising.
Provided services for $2,800 in cash.
Paid $800 for telephone service.
Paid salaries of $2,600 to employees.
Provided services for $3,000 on credit.
Paid $450 for office cleaning service.
Did the firm earn a net income or incur a net loss for the period? What was the amount?
3
At the beginning of September, Selena Cantu started Cantu Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following information.
ACC 290 Week 1 Practice: Connect Practice Assignment
https://plus.google.com/u/0/108200033792883877670/posts/dWT4sDYbQKM
ACC 290 Week 1 Practice: Connect Practice Assignment
Complete the Week 1 Practice in Connect.
Note: You have unlimite